Rewards-based checking account offers significant cash incentives, financial education, and perks to meet nurses’ unique needs
New York, NY — June 21, 2022 — Laurel Road, a digital banking platform of KeyBank with specialized offerings for healthcare and business professionals, today announced the launch of Laurel Road Loyalty CheckingSM, the first checking account designed specifically to address the unique needs of nurses. As the newest addition to Laurel Road’s line-up of digital banking products, Loyalty Checking seeks to help ease the financial burdens for nurses through one of the most rewards-driven checking accounts available to consumers, furthering Laurel Road’s commitment to healthcare professionals.
With its recent launch of Public Service Loan Forgiveness (PSLF) counseling services through KeyBank’s acquisition of GradFin, Laurel Road is continuing to expand its offerings to provide essential support and guidance to nurses. Since its inception, Laurel Road has been committed to putting healthcare professionals’ needs at the forefront and creating new, tailored services to fill product and market gaps. Continuing to see growing interest from the healthcare community, Laurel Road created Loyalty Checking, just one way its doubling down on expanding its marketing, technology, digital product development, and partnerships.
Loyalty Checking has no monthly fees and members can enjoy a variety of benefits, including:
- A $300 welcome bonus, up to $20 monthly cash rewards for the first year, and $10 monthly cash rewards for the lifetime of the account, with a recurring $2,500 minimum monthly direct deposit.
- Access to Perks! Partner network with exclusive offers, benefits, and discounts to premium brands such as Clove, Rise Brewing Co., p.volve, and more!
- Financial education tools and resources to help nurses reach their financial goals.
With the introduction of Loyalty Checking, Laurel Road builds on the momentum of Laurel Road for Doctors which launched in 2021. As the digital banking platform continues to enhance and expand its product set to better service its business and healthcare professional audiences, it is creating programs that cater to its members unique needs.
“Through our long-standing work with healthcare professionals, we know that many face financial challenges while navigating high debt and high-stress careers dedicated to caring for others, leaving them little time to balance personal and financial pursuits,” said Alyssa Schaefer, General Manager and Chief Experience Officer at Laurel Road. “After hearing from our members and prospective nurse members, we know our investment in enhancing Laurel Road’s offerings and incorporating tailored services and solutions for nurses will provide the financial assistance currently missing in the market.”
To seed its Loyalty Checking, Laurel Road launched a TikTok nurse dance challenge with the help of Nurse Kala Baker, famed TikTok dancer, inviting RNs to participate in #LaurelRoad4Nurses. The contest ran from May 5 through May 21 and received more than 7.5B views on TikTok. As nurses from across the US competed for a cash prize of $10,000, Laurel Road garnered more than 7,000 nurse sign-ups for its product waitlist, demonstrating high demand and great need for the service.
With reports of many nurses living paycheck to paycheck with an average annual income of $77,600, according to a recent survey from the U.S. Bureau of Labor Statistics,[1] this new service, coupled with increased expertise in PSLF, continues Laurel Road’s dedication to provide nurses much-needed, tailored financial products and services they deserve.
To learn more about Laurel Road Loyalty Checking, visit laurelroad.com/nurses.
About Laurel Road
Laurel Road is a digital banking platform and brand of KeyBank that provides tailored offerings to support the financial wellbeing of healthcare and business professionals. Laurel Road’s banking and lending solutions, including Laurel Road CheckingSM and savings accounts, Laurel Road Loyalty CheckingSM, Laurel Road Student Loan Cashback® Card, Student Loan Refinancing, Mortgages, Personal Loans and more, provide our members with a simplified, personalized experience that helps them better navigate their financial journey and achieve life’s goals. Additionally, Laurel Road has reimagined banking and financial management for physicians and dentists through Laurel Road for Doctors, a tailored digital experience made up of banking, insights and exclusive benefits to provide the financial help and peace of mind they need through each career stage. The digital banking platform also expanded its offering to nurses with the launch of Loyalty Checking, the first checking account designed with nurses in mind. Through its partnership with GradFin to offer Public Service Loan Forgiveness (PSLF) services to healthcare professionals, Laurel Road will continue to strategically align with like-minded organizations that can enhance the service it offers to its members. Since 2013, Laurel Road has helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $9 billion in federal and private school loans. For more information, visit http://www.laurelroad.com . Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. Member FDIC. NMLS # 399797. Equal Housing Lender. © 2022 KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp.
[1] U.S. Bureau of Labor Statistics. (2022, April 18). 2021 Registered Nurses Survey. Retrieved from https://www.bls.gov/ooh/healthcare/registered-nurses.htm